Homeownership Center of Tacoma

Analysis

Homeownership Center of Tacoma is a registered charity in United States, based in Tacoma, WA. It received its IRS tax-exemption ruling in July 1994, 32 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Homeownership Center of Tacoma reported income of $898k and spending of $915k, spending 102% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $1.1m to $898k (-21%), an average of -5.8% a year. The sharpest change came in the year to June 2020, when income rose by 101%. Over the whole period it spent 116% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Homeownership Center of Tacoma sits at the 70th percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 77th percentile within WA. Charities of a similar size with the same main cause include Kennedy Commission ($898k), A Little Piece of Light Inc ($898k) and Fellowship Manor Ltd ($898k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 4.6% and program service revenue 49% of the total. Compensation of current officers, directors and key employees was $111k (12% of expenses). Other salaries and wages came to $114k. At year end it held assets of $1.1m against liabilities of $20k, net assets of $1.1m. It reported 2 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.